Smart Global Holdings: Fiscal 4Q17 Financial Results

(in $ million)	4Q15	4Q16	FY15	FY16
Revenue	146.2	223.0	534.4	761.3
*Growth*		53%		*42%*
Net income (loss)	(1.5)	(0.48)	(20.0)	(0.49)

SMART Global Holdings, Inc., parent company of SMART Modular Technologies, Inc., reported financial results for the fourth quarter and full year fiscal 2017 ended August 25, 2017.

“We completed fiscal 2017 on a strong note, having accomplished a number of key milestones that set the foundation for continued momentum as we enter fiscal 2018,” commented Iain MacKenzie, president and CEO, SMART Global Holdings. “The strength of the global memory market contributed to all of our businesses across the board. In SMART Brazil we are also benefitting from the improving economy and the introduction of new products. Increasing demand from our networking and storage customers is driving healthy growth in our specialty memory business as well. We also recently paid off a portion of our term loan with the proceeds of our IPO, as well as completing an important debt refinancing that clears the path for improved operating leverage in our financial model, enabling us to drive increasing returns for our shareholders.“

Other highlight
Paid down $61.1 million of our term loan with proceeds from the IPO and then completed a refinancing transaction that extended the maturity date of the term loan; both transactions contributed to reduce interest expense.

Business Outlook for 1Q18: net sales between $225 to $240 million